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Bridgewater to Cut Jobs as Dalio Says Some Areas ‘Bloated’ (Bloomberg)Bridgewater Associates, the world’s largest hedge fund manager, indicated it’s planning to cut jobs as parts of its business have become too large. The firm told clients in a letter that it has 1,700 employees, up from 1,100 five years ago and 150 in 2001, according to a person who saw the letter. The changes follow a shake-up in the management team that occurred earlier this year. The letter — written by founder Ray Dalio and his other top executives — called the changes “conducting a renovation” and described some of Bridgewater’s non-investment areas as “bloated, inefficient, and bureaucratic.”

Billionaire John Paulson Stays Bullish On Pharma As His Merger Strategy Hits The Skids (Forbes)
Billionaire hedge fund manager John Paulson remains bullish on the pharmaceutical sector and its prospects of consolidation, even as a raging debate on drug price gouging and tax-dodging merger deals hangs over the industry and cuts into the performance of his struggling hedge fund, Paulson & Co. Paulson’s biggest holdings heading into 2016 — Allergan, Mylan, Valeant Pharmaceuticals, Shire and Teva Pharmaceuticals — have all performed poorly, punishing returns. A short-to-medium turn in performance for Paulson hinges of a recovery of these battered-down stocks.

Lansdowne’s Roden Says Hedge-Fund Woes Not the Fault of ETFs (Bloomberg)
Hedge funds perform badly because their investment analysis has failed and not as a result of an increase in exchange-traded and quant funds, according to Stuart Roden, chairman of Lansdowne Partners. Blaming passive investing strategies and volatility for poor performance by hedge funds is a “bad excuse,” Roden said at the Legends 4 Legends alternative investment conference in Amsterdam on Thursday. “As a buyer of those products, anyone who tells you anything different is kind of fooling you.” His London-based firm manages $19 billion.